Where would you like to sign in?

Fortis welcomes Ping An as a key shareholder

Louis CHEUNG Chi Yan, Executive Director & Group President of Ping An proposed as member of Fortis's Board

BRUSSEL, BELGIUM--(Marketwire - November 28, 2007) - Fortis SA/NV and Fortis N.V.
(jointly "Fortis") and Ping An Insurance
(Group) Company of China, Ltd. ("Ping An" or "Ping An Group")
today
jointly announced that, as at closing of trading hours on
Euronext
Brussels and Amsterdam on 28 November 2007, Ping An Life
Insurance
Company of China, Ltd. ("Ping An Life"), a subsidiary of Ping
An
Group, owns approximately 4.18% stake in Fortis. The shares have
been
purchased through the secondary market, and Ping An Life becomes
the
single largest shareholder of Fortis.

In line with its strategy to grow outside of the Benelux, and with
a
view to deepening its understanding of the increasingly
important
Asian markets, the Fortis Board of Directors has invited Louis
CHEUNG
Chi Yan, Executive Director & Group President of Ping An, to
become
member of the Board, upon approval by the General Meetings
of
Shareholders in April 2008, which is subject to customary
regulatory
non-objection process in Belgium. Separately, the parties may
explore
co-operations in some of their activities.

Senior management of both companies expect significant long
term
advantages to accrue to both parties. The investment in Fortis
as
part of Ping An's ordinary course of business using its
insurance
fund allows Ping An to further optimize its global asset
allocation
and enhance the prospects of achieving a higher investment
return.
For Fortis, the investment by Ping An provides it with a
stable
shareholder and allows it to gain enhanced access to high-
growth
markets, in particular China.

Mr. Peter MA Mingzhe, Ping An's Chairman and CEO said,
"The
investment is a major milestone for China's insurance industry.
Our
decision to invest in Fortis reflects our strong belief in
and
support for their strategy, and will improve Ping
An's
competitiveness and allow it to achieve a faster rate of
sustainable
growth, and encourage innovation in the use of insurance funds.
The
deal will realize valuable benefits because of Fortis's and Ping
An's
shared business model of an integrated banking and
insurance
platform. Hence, Ping An will benefit from Fortis's expertise
in
cross selling, risk management and innovation in product design."

"In line with our strategy to selectively grow in Asia, we
are
delighted to invite Louis to the Board of Fortis," comments
Maurice
Lippens, Chairman of the Board. "The agreement of Ping An to
become a
key shareholder represents a strong vote of confidence from a
highly
respected institution. It will raise Fortis's profile in
China,
which, combined with an expected increased access to the
Chinese
market, will lift our overall growth potential. It is a
demonstration
of the global nature of our business and our commitment to China."

The Banker, an international magazine from the Financial Times
Group,
has awarded Fortis 'Bank of the Year in Western Europe' on
28
November. Fortis has been present in China since 1902 and
has
developed activities in the areas of Bancassurance, Asset
Management,
Merchant, Commercial and Private Banking. Its presence has
been
developed through joint ventures with Taiping Life (Insurance)
and
Fortis Haitong Investment Management (Asset Management). These
joint
ventures will not be impacted by Ping An's investment.

About Ping An

Ping An is the first integrated financial services conglomerate
in
China that blends its core insurance operations into
securities
brokerage, commercial banking, asset management and
enterprise
annuities to create a highly efficient and diversified
business
profile. It was established in 1988 and headquartered in
Shenzhen,
China. It has been listing its H-Shares on the Hong Kong
Stock
Exchange under the name "Ping An" since June 2004. On March 1,
2007,
Ping An debuted trading of its A-Shares on the Shanghai
Stock
Exchange under the name "Ping An of China". As of 30 June 2007,
under
International Financial Reporting Standards (IFRS),
consolidated
total assets and total equity of the Group were RMB 617.8
billion
(approximately EUR 60.1 billion) and RMB 97.6 billion
(approximately
EUR 9.5 billion) respectively. Its market capitalization as
of
October 31, 2007 was RMB 933.6 billion (approximately EUR
86.6
billion). Ping An currently has about 244,000 sales agents and
more
than 50,000 full-time employees. By premium income, Ping An Life
is
the second largest life insurance company in China. Ping An
Property
& Casualty is the third largest P&C insurance company in China.
More
information about Ping An is available at www.pingan.com.

About Fortis

Fortis is an international financial services provider engaged
in
banking and insurance. It offers personal, business and
institutional
customers a comprehensive package of products and services
through
Fortis's own channels, in collaboration with intermediaries
and
through other distribution partners. With a market capitalisation
of
EUR 48.5 billion (31/10/2007), Fortis ranks among the 15
largest
financial institutions in Europe. Its sound solvency
position,
presence in more than 50 countries and dedicated,
professional
workforce of 60,000 enable Fortis to combine global strength
with
local flexibility and provide its clients with optimum support.
More
information is available at www.fortis.com.

Annex:

CV of Louis CHEUNG Chi Yan, Executive Director & Group President
of
Ping An
Louis CHEUNG Chi Yan, has been an Executive Director since May
2006
and has been serving as Group President and Chief Financial
Officer
since October 2003 and February 2003 respectively. He joined Ping
An
Insurance Company in February 2000 and previously served as
Senior
Advisor to the Chairman, Chief Information Officer, Senior
Vice
President and Chief Financial Officer. From 1993-2000, Mr. Cheung
was
a management consultant and later became a global partner of
McKinsey
& Company, advising mainly financial services clients
throughout
Asia. Mr. Cheung has a Ph.D. degree in Business Information
Systems
from the University of Cambridge.